Tagged: appraisal news

Court of Appeal New Ruling on Appraisal Fraud 1

Court of Appeal New Ruling on Appraisal Fraud

New Ruling on Appraisal Fraud by California Court of Appeal On May 23, 2014, the Court of Appeal for the Fourth Appellate District, Division One, State of California, issued a very interesting decision on whether a plaintiff can successfully plead and argue fraud based on comments made about the concluded value of real estate that was appraised. The case is Graham V. Bank of America, N.A., et al. Although this ruling is unquestionably useful for an appraiser being accused of appraisal fraud, it probably is not the magic elixir many will proclaim it to be. This is because the appraiser...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

AAREA / ACOW / AMC / Appraisal / Appraisal Management Companies / Appraisal News

The good old days appraising 5

Good Old Days of Appraising!

Missing the Good Old Days Does anybody miss the good old days of having to deal with the mortgage broker? After spending about 53 minutes on the phone with an appraisal management company, who will remain nameless, I am almost missing the good old days myself. I originally called, because the appraisal management company called to see if I would take a forensic retrospective review for a new client they just acquired. This of course is a Fannie Mae client, and any of us who have dealt with Fannie we know there is a specific format, guideline and style in...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

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When is an Appraiser Not an Appraiser?

With an influx of alternative valuation products now being offered to appraisers, I am often asked which of these assignments can be done by appraisers and which should be avoided. I am not a USPAP instructor, a lawyer, or a specialist in your individual state’s law, but I will give you the answer as I understand it (I am not responsible for your individual compliance to USPAP, the law, and blah blah blah). First, an analogy is in order. Imagine you are a spectator at a sporting event. Sitting next to you is your buddy who asks you about a certain call the...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP / Valuation Technology

Personal Property, permits...rules of engagement 6

Rules of Engagement

Recently a particular engagement letter format has been circulating amongst residential appraisers from several nationally chartered banks. Aside from the usual intended use and exposure time boilerplate requirements there are several new problematic inclusions. Personal Property All personal property transferring in a purchase transaction must be described in the appraisal whether or not it was listed in the sales contract. Any client is free to ask for a shopping list of tchotchkes, but if an appraiser is appraising an abandoned residence with piles of junk laying everywhere…they couldn’t afford my time to sift through it all like in an episode...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / IDFPR

PADS - Appraisers Running for Exits 8

PADS – Appraisers Running for Exits

We urge appraisers to review the PADS Model Current economic trends suggest your appraisal practice will not survive beyond 2015. Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating.  Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void. You’ve gone from completing six appraisals per week to camping by your email, in hopes of an AMC broadcast assignment appearing. Where you once had time to think about accepting the assignment, you now have less than 2 seconds to accept, because like you, ninety...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Customary but NOT Reasonable Fees 28

Customary but NOT Reasonable Fees

REASONABLE needs to become the appraiser’s operative word Appraisers, It’s time to grow a pair as some people say, or to stiffen the backbone, and quit caving in to the low ball fees being offered by some in this crazy “industry.” Another true statement is “you are what you are worth”. If you, as an business person, only know how to say yes to low fees, you won’t be worth anything higher to the majority of clients. Further, your self image and actual net worth are negatively impacted. You cannot expect to earn a certain income, then wonder why you gave yourself...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Trending

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Minimum Requirements for AMCs

Proposed Federal Regulation of Appraisal Management Companies (Minimum Requirements for AMCs) I hear a lot from appraisers concerning their interactions with various appraisal management companies (AMCs). Many keep wondering why appraisers are licensed and strictly regulated while it seems that AMCs for the most part have been left to do whatever they want. That was the case for a while; today the majority of states have already imposed regulations on AMCs. Currently, as part of the Dodd-Frank Act, a group of agencies are working together to set federal guidelines for AMCs. They are looking for feedback on these proposals and...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

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Announcing VT Customary and Reasonable Fee Survey Release

Dear Appraiser Colleagues, Awhile back, you responded to a request from VaCAP to supply your e-mail address to participate in an upcoming Customary and Reasonable Fee Survey to be conducted by the Virginia Center for Housing Research and the Virginia Tech Program in Real Estate. This communication is to notify you of the survey’s eminent release. Please look for it to be sent to you via e-mail in the next couple of days. Your participation in the survey is vital to the success of this endeavor. Please take the few minutes necessary to complete the survey; it should only take...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Basement Homes and Appraised Values Gone Wrong 2

Basement Homes and Appraised Values Gone Wrong

95% of Appraisals on Homes with Basement or Lower Levels Have Errors, Errors that Affect the Home’s Value… In the majority of markets all across the country, it is virtually impossible to get an accurate appraisal on homes that have a basement or lower levels. That’s a pretty big claim. Can it possibly be true? Absolutely it can! And, it happens every day. No one in the real estate industry wants to bring this topic out in the open for fear the public would be outraged. Well, it’s time somebody gets mad. And for all the Realtor’s® big talk about...

Appraisal / Appraisal News / Appraisers News / NAR / National Association of Realtors

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